OECD area inflation slightly down to 9.2% in January

By Tuba Sahin

ANKARA (AA) - The annual consumer inflation in the Organization for Economic Cooperation and Development (OECD) area eased slightly to 9.2% in January compared to a month ago as energy price hike slows, according to data released on Tuesday.

The annual rise in consumer prices was 9.4% in December 2022, the Paris-based organization said.

The largest annual consumer inflation rates were recorded in Hungary, Latvia, Lithuania and Türkiye (all remaining above 20%), the OECD said.

Energy inflation dropped from 18.2% in December 2022 to 16.4% in January, its lowest level since March 2021.

The decrease in energy inflation stemmed partly from shifting policy in the Netherlands (introduction of a price cap on energy) and Italy (decrease of regulated energy products prices).

Food inflation in the OECD slipped to 15.2%, from 15.6% in the previous month, while inflation excluding food and energy was stable in January.

In G20, annual inflation rate was broadly stable at 8.4% in January. It decreased in Indonesia and South Africa, but increased in Argentina, China and India.